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Cable Update (GBPUSD)

  • #184,801
  • Nov 26, 2009 9:58am Nov 26, 2009 9:58am
what is chain strategy ?.... i am new in area.......
Quoting sreeprakash
Thanks bro..
Its demo account and i was experimenting with a chain strategy lol...
  • #184,802
  • Nov 26, 2009 10:00am Nov 26, 2009 10:00am
Quoting jamesb007
I wanted to express my disapointment today , i shorted cable at 6722 with stop at 6735 , i was up 10 pips i close the trade and went away, i wake up this morning BOOM , u know that feeling LOL? JUst wanted to tell someone
Bro, your sl was small actually.
I shorted on 6692 with no sl...
Then it went up to 6720-25 and I decided to close and take loss.. but it came down again...

After that I taken profit on that and entered again, then again.. total 3 shorts.... with 50 pips sl each....

Pair need to breath...
ABCD..
  • #184,803
  • Nov 26, 2009 10:07am Nov 26, 2009 10:07am
Quoting geocatalinfx
what is chain strategy ?.... i am new in area.......
Simply put, first you have to get a good trade around 100-125 pips...

Then you give pendings on each 20-25 pips... You also open 1-2 trades... If the trade is going opposite direction, you open new trades in your direction on each 20-25 pips... You give tp on these trades on your original start price...

Then you interlink your pendings...
Means, when the trade goes in your way, there is 2-3 trades close on tp and 2-3 pendings will open....

Pure gambling, but its a lottery...
On a 10 trades basis, 2-3 must be win...

Try it with some demo accounts...

On the above demo, i started on 6611 something, price went oppsite 140 pips I think.. I was adding pendings and trades till margin went below 100%...

And trade reversed and came to my way 240 pips lol...

Edit: oh I done this with eurjpy on my live account 2 days ago, target was 131.00, but i closed earlier and eurjpy hit 131.00 yesterday night....
ABCD..
  • #184,804
  • Nov 26, 2009 10:07am Nov 26, 2009 10:07am
Quoting sreeprakash
Bro, your sl was small actually.
I shorted on 6692 with no sl...
Then it went up to 6720-25 and I decided to close and take loss.. but it came down again...

After that I taken profit on that and entered again, then again.. total 3 shorts.... with 50 pips sl each....

Pair need to breath...
I agree. Small retracements for the cable can range from 25 to 200 pips. If you are confident in the direction of the trend, and depending on which time frame you are trying to play, the stoploss has to match. I still believe that this is in a downtrend just by looking at the channels, fibs, and trend lines. However, I do believe this may be a sideways channel for a bit, on the daily chart.

For me today is truly a Happy Thanksgiving for my Shorts I put in 2 days ago are finally positive. Plus the trade I put in at the top of the channel is really positive, 227 pips.

If I could ever figure out how to post charts here I would post them so that everyone can see what I am looking at.
  • #184,805
  • Nov 26, 2009 10:12am Nov 26, 2009 10:12am
i understand. thank you sir !
Quoting sreeprakash
Simply put, first you have to get a good trade around 100-125 pips...

Then you give pendings on each 20-25 pips... You also open 1-2 trades... If the trade is going opposite direction, you open new trades in your direction on each 20-25 pips... You give tp on these trades on your original start price...

Then you interlink your pendings...
Means, when the trade goes in your way, there is 2-3 trades close on tp and 2-3 pendings will open....

Pure gambling, but its a lottery...
On a 10 trades basis, 2-3 must be win...

Try it with some demo...
  • #184,806
  • Nov 26, 2009 10:12am Nov 26, 2009 10:12am
Quoting sreeprakash
Simply put, first you have to get a good trade around 100-125 pips...

Then you give pendings on each 20-25 pips... You also open 1-2 trades... If the trade is going opposite direction, you open new trades in your direction on each 20-25 pips... You give tp on these trades on your original start price...

Then you interlink your pendings...
Means, when the trade goes in your way, there is 2-3 trades close on tp and 2-3 pendings will open....

Pure gambling, but its a lottery...
On a 10 trades basis, 2-3 must be win...

Try it with some demo...

I would disagree here. Putting treades in every 25 pips or so will blow out your account. Trust me, I did this before a long time ago. If you go back on the daily chart to October 13 until about October 22 this year, you will notice large up candles. If you were using this above method while shorting, you would never get positive because in a large strong trend like that, the pullbacks were less than 20 pips.

Put the fibs on the chart. you can get some pull backs when the price reaches the 138.2 or 161.8. But it is always more wise to play in the direction of the trend. Play the dips at the proper fibs. Your positive trade of the 140 pips would be reduced to nothing quickly, for a move like that it moves 75 pips in less than 15 minutes.
  • #184,807
  • Nov 26, 2009 10:18am Nov 26, 2009 10:18am
My disapointment is that my stop was never hit and i closed the trade because i thought the marked wasnt goin to move much because of holiday etc (dumb)and went to bed lol, i usually leave a trade open with a target but this time i just assumed that wasnt goin to move much .


Quoting sreeprakash
Bro, your sl was small actually.
I shorted on 6692 with no sl...
Then it went up to 6720-25 and I decided to close and take loss.. but it came down again...

After that I taken profit on that and entered again, then again.. total 3 shorts.... with 50 pips sl each....

Pair need to breath...
  • #184,808
  • Nov 26, 2009 10:21am Nov 26, 2009 10:21am
We made it to the major daily support line, the 161.8 fib line. Be careful with shorts if you are scalping short term. Support line here is at 1.6475. May pull back here for a while. But if it does break this point it will go down to around 1.6325 area.
  • #184,809
  • Nov 26, 2009 10:22am Nov 26, 2009 10:22am
it worths me a cent. i went long.
Attached Image (click to enlarge)
Click to Enlarge Name: gu_h1.jpg Size: 50 KB
  • #184,810
  • Nov 26, 2009 10:22am Nov 26, 2009 10:22am
Post Reply button >
click Attachments >
new window open >
use Upload File from your Computer >
Browse >
locate the chart >
click open >
click upload button >
wait >
then click close window >
then submit reply button...

Lets see how this works out...
ABCD..
  • #184,811
  • Nov 26, 2009 10:26am Nov 26, 2009 10:26am
Quoting jamesb007
My disapointment is that my stop was never hit and i closed the trade because i thought the marked wasnt goin to move much because of holiday etc (dumb)and went to bed lol, i usually leave a trade open with a target but this time i just assumed that wasnt goin to move much .
The European market was very busy but I am still suprised we are getting decent movement now. I almost went to bed last night but then I say a quick 40 pip drop. I decided to stay up and watch awhile. Unfortunately I closed out my trades about an hour ago because we hit the 138.2 fib and I didn't think it would go to the 161.8 fib. Thats ok, between the 3 trades, 2 were from a couple days ago, I managed to bag 272 pips total. Not a bad day.
  • #184,812
  • Nov 26, 2009 10:30am Nov 26, 2009 10:30am
Quoting sibajnok
it worths me a cent. i went long.
Me too.
But seems sellers still in, it can be a long process before a reverse, thougt it ranges now....

Lubo.
If I know how, I tell You!! Few but Good!!
  • #184,813
  • Nov 26, 2009 10:31am Nov 26, 2009 10:31am
Quoting sreeprakash
Post Reply button >
click Attachments >
new window open >
use Upload File from your Computer >
Browse >
locate the chart >
click open >
click upload button >
wait >
then click close window >
then submit reply button...

Lets see how this works out...
Test chart maybe

Attached Image (click to enlarge)
Click to Enlarge Name: test.jpg Size: 125 KB


Hit daily 161.8 fib on hour chart. may take a bounce up. Moving averages are coming down and may break, but most likely not today. We have been at this point before, at the beginning of the week. I don't think we will blow through this point without some resistance from the bulls.
  • #184,814
  • Nov 26, 2009 10:34am Nov 26, 2009 10:34am
Quoting sreeprakash
Post Reply button >
click Attachments >
new window open >
use Upload File from your Computer >
Browse >
locate the chart >
click open >
click upload button >
wait >
then click close window >
then submit reply button...

Lets see how this works out...
Thanks Sreep. That was the first chart I was ever able to post here.
  • #184,815
  • Nov 26, 2009 10:38am Nov 26, 2009 10:38am
Quoting micho
today so far +486 pips

and still have one +489 pips order running on short GBPJPY stop at BE
Congratz Micho I closed my trades before NY open lol Wish I didn't I was short EU GU and GY lol would have made a killing haha Still 110 Pips up for the day though.
  • #184,816
  • Nov 26, 2009 10:43am Nov 26, 2009 10:43am
I just open long on 1.6482
  • #184,817
  • Nov 26, 2009 10:44am Nov 26, 2009 10:44am
Current low of day on my ticker and charts is stamped @ 1.6465. Just a chart showing why we may have paused at this place. 55EMA on the daily has proven to be a fairly solid support line. I am not speculating a buy from here, just showing ya whats going on.
Attached Image (click to enlarge)
Click to Enlarge Name: 55ema.JPG Size: 103 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #184,818
  • Nov 26, 2009 10:45am Nov 26, 2009 10:45am
we broke importnat line yesterday. now the target is 1.63, pullback to 1.65 are seen as good sell opportunity. of course as always price action is the key
Attached Image (click to enlarge)
Click to Enlarge Name: gu4h.png Size: 28 KB
  • #184,819
  • Nov 26, 2009 10:47am Nov 26, 2009 10:47am
Quoting Magix
Current low of day on my ticker and charts is stamped @ 1.6465. Just a chart showing why we may have paused at this place. 55EMA on the daily has proven to be a fairly solid support line. I am not speculating a buy from here, just showing ya whats going on.
Magix,

It is good to see that your chart although set up differently than mine, is the exact same chart and we came to the exact same conclusions.
  • #184,820
  • Nov 26, 2009 10:49am Nov 26, 2009 10:49am
Quoting Ctic
Magix,

It is good to see that your chart although set up differently than mine, is the exact same chart and we came to the exact same conclusions.
It is the where we go from here that is important. As we approach a counter trend trigger on the 5m chart, we would be bucking resistence all the way back up. A breach of this point and a close below means a Long way down.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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